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Gold Posts Third Straight Weekly Retreat

Gold and silver futures were flat, but miners mostly gained


Gold Silver GLD IAU SLVGold was almost flat in Friday trading, finishing down 0.5% for the week for its third consecutive weekly decline. The fall came despite yesterday’s announcement of more economic stimulus from the Federal Reserve as investors contemplated a report showing slowing U.S. inflation and a stalemate in U.S. budget negotiations.

Gold futures for February delivery rose fractionally to $1,696.20 on Friday, according to CME Group. Gold traded as high as $1,701.90 and as low as $1,694. Gold bullion closed in London at $1,698, according to BullionVault.

Gold In 2013: Things Look Just Right
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Silver futures for February delivery fell fractionally to $32.30 per ounce. Friday’s high for silver was $32.74, while the low was $32.30.

Gold and silver funds declined in Friday trading.

  • The SPDR Gold Trust (NYSE:GLD) slipped 0.2%.
  • The iShares Gold Trust (NYSE:IAU) edged down 0.1%.
  • The iShares Silver Trust (NYSE:SLV) fell 1.1%.

Gold and silver mining ETFs climbed during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) rose 0.3%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) gained 0.7%.
  • The Global X Silver Miners ETF (NYSE:SIL) also increased 0.8%.

Gold mining shares were mixed, with Eldorado Gold (NYSE:EGO) rising the most.

  • Agnico-Eagle Mines (NYSE:AEM) added 0.2%.
  • Barrick Gold (NYSE:ABX) slid 0.4%.
  • Eldorado Gold gained 1%.
  • Goldcorp (NYSE:GG) declined fell 0.4%.
  • Kinross Gold (NYSE:KGC) rose 0.4%.
  • Newmont Mining (NYSE:NEM) increased 0.3%.
  • NovaGold Resources (NYSE:NG) advanced 0.9%.
  • Yamana Gold (NYSE:AUY) declined 0.6%.

Silver mining shares moved higher on Friday.

  • Coeur d’Alene Mines (NYSE:CDE) climbed 1.3%.
  • Hecla Mining (NYSE:HL) surged 2.9%.
  • Pan American Silver (NASDAQ:PAAS) edged up 0.1%.
  • Silver Wheaton (NYSE:SLW) rose 0.8%.
  • Silver Standard Resources (NASDAQ:SSRI) climbed 2.6%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.

Article printed from InvestorPlace Media,

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